Mal Brough (Longman, Liberal Party, Minister Assisting the Prime Minister for Indigenous Affairs) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

This Corporations Amendment (Aboriginal and Torres Strait Islander Corporations) Bill 2006 amends the Corporations Act 2001. The amendments ensure that the Corporations (Aboriginal and Torres Strait Islander) Bill 2005, which was introduced into this House in June last year, interacts appropriately with the Corporations Act 2001.

These amendments to the Corporations Act make it clear that a corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Bill 2005 is a corporation for the purposes of the Corporations Act.

The amendments remove areas of doubt, close potential regulatory gaps and remove confusion that would arise if there were dual regulation by both the Australian Securities and Investments Commission and the Registrar of Aboriginal and Torres Strait Islander Corporations.

The amendments also make sure that a person disqualified from managing a corporation under the Corporations (Aboriginal and Torres Strait Islander) Bill will also be disqualified from managing a corporation under the Corporations Act.

Consistent with the requirements in the Corporations Agreement 2002, state and territory ministers have been consulted regarding these reforms through the Ministerial Council for Corporations and have approved the bill.

These amendments are a small but very important part of a broader package of reforms that will improve Indigenous corporate governance and help to produce better outcomes for Indigenous Australians. I commend the bill to the House.

Debate (on motion by Mr Griffin) adjourned.